Pagaya Technologies (PGY) 10-Q9 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-41430
Entity Registrant Name	Pagaya Technologies Ltd.
Entity Incorporation, State or Country Code	L3
Entity Tax Identification Number	87-3083236
Entity Address, Address Line One	90 Park Ave
Entity Address, Address Line Two	20th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10016
City Area Code	646
Local Phone Number	710-7714
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001883085
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A Ordinary Shares, no par value
Trading Symbol	PGY
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		58,247,909
Ordinary share warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Class A Ordinary Shares
Trading Symbol	PGYWW
Security Exchange Name	NASDAQ
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,652,310
Preferred Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,000,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 274,495	$ 186,478
Restricted cash		16,872	16,874
Fees and other receivables (including related party receivables of $53,916 and $51,036 as of March 31, 2024 and December 31, 2023, respectively)		87,370	79,526
Investments in loans and securities		1,298	2,490
Prepaid expenses and other current assets (including related party assets of $7,090 and $7,896 as of March 31, 2024 and December 31, 2023, respectively)		19,059	18,034
Total current assets		399,094	303,402
Restricted cash		18,681	19,189
Fees and other receivables (including related party receivables of $34,792 and $33,739 as of March 31, 2024 and December 31, 2023, respectively)		35,230	34,181
Investments in loans and securities		892,853	714,303
Equity method and other investments		26,911	26,383
Right-of-use assets		53,631	55,729
Property and equipment, net		42,757	41,557
Goodwill		10,945	10,945
Intangible assets		1,913	2,550
Prepaid expenses and other assets		1,172	137
Total non-current assets		1,084,093	904,974
Total Assets		1,483,187	1,208,376
Current liabilities:
Accounts payable		3,136	1,286
Accrued expenses and other liabilities		36,712	28,562
Current maturities of operating lease liabilities		6,663	6,931
Current portion of long-term debt		12,750	0
Secured borrowing		108,054	37,685
Income taxes payable		2,069	461
Total current liabilities		169,384	74,925
Non-current liabilities:
Warrant liability		1,342	3,242
Revolving credit facility		0	90,000
Long-term debt		222,298	0
Secured borrowing		223,102	234,028
Operating lease liabilities		41,838	43,940
Long-term tax liabilities		24,955	22,135
Deferred tax liabilities, net		107	107
Total non-current liabilities		513,642	393,452
Total Liabilities		683,026	468,377
Redeemable convertible preferred shares, no par value, 6,666,666 shares authorized, 5,000,000 shares issued and outstanding as of March 31, 2024; aggregate liquidation preference of $150,000 as of March 31, 2024.	[1]	74,250	74,250
Shareholders’ equity:
Additional paid-in capital		1,214,969	1,101,914
Accumulated other comprehensive income (loss)		(24,279)	444
Accumulated deficit		(563,860)	(542,637)
Total Pagaya Technologies Ltd. shareholders’ equity		626,830	559,721
Noncontrolling interests		99,081	106,028
Total shareholders’ equity		725,911	665,749
Total Liabilities, Redeemable Convertible Preferred Shares, and Shareholders’ Equity		1,483,187	1,208,376
Common Class A
Shareholders’ equity:
Common stock	[1]	0	0
Common Class B
Shareholders’ equity:
Common stock	[1]	$ 0	$ 0

[1]Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) $ in Thousands	Mar. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares
Current assets:
Related party receivables \| $	$ 87,370	$ 79,526
Related party assets \| $	19,059	18,034
Related party receivables \| $	$ 35,230	$ 34,181
Liabilities and Shareholders’ Equity
Shares authorized (in shares)	6,666,666
Shares issued (in shares)	5,000,000
Shares outstanding (in shares)	5,000,000
Aggregate liquidation preference \| $	$ 150,000
Shareholders’ equity:
Ordinary shares, authorized (in shares)	839,999,998
Common Class A
Shareholders’ equity:
Ordinary shares, authorized (in shares)	666,666,666	666,666,666
Ordinary shares, issued (in shares)	57,950,053	49,390,936
Ordinary shares, outstanding (in shares)	57,950,053	49,390,936
Common Class B
Shareholders’ equity:
Ordinary shares, authorized (in shares)	166,666,666	166,666,666
Ordinary shares, issued (in shares)	12,652,310	12,652,310
Ordinary shares, outstanding (in shares)	12,652,310	12,652,310
Related Party
Current assets:
Related party receivables \| $	$ 53,916	$ 51,036
Related party assets \| $	7,090	7,896
Related party receivables \| $	$ 34,792	$ 33,739

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Revenue
Revenue from fees (including related party revenues of $178,511 and $153,793 for the three months ended March 31, 2024 and 2023, respectively)		$ 237,004	$ 175,254
Other Income
Interest income		7,744	10,397
Investment income (loss)	[1]	528	987
Total Revenue and Other Income		245,276	186,638
Production costs		144,881	125,057
Technology, data and product development		19,380	21,131
Sales and marketing		10,257	14,300
General and administrative		63,068	51,126
Total Costs and Operating Expenses		237,586	211,614
Operating Income (Loss)		7,690	(24,976)
Other income (expenses), net		(34,349)	(66,980)
Income (Loss) Before Income Taxes		(26,659)	(91,956)
Income tax expense (benefit)		5,003	6,667
Net Loss Including Noncontrolling Interests		(31,662)	(98,623)
Less: Net income (loss) attributable to noncontrolling interests		(10,439)	(37,652)
Net Income (Loss) Attributable to Pagaya Technologies Ltd.		$ (21,223)	$ (60,971)
Net income (loss) per share attributable to Pagaya Technologies Ltd.:
Basic (in dollars per share)	[2]	$ (0.33)	$ (1.03)
Diluted (in dollars per share)	[2]	$ (0.33)	$ (1.03)
Weighted average shares outstanding:
Basic (in shares)	[2]	64,504,458	59,255,864
Diluted (in shares)	[2]	64,504,458	59,255,864

[1]Includes income from proprietary investments.[2]Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) $ in Thousands		3 Months Ended
	Mar. 08, 2024	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Total revenue from fees, net		$ 237,004	$ 175,254
Reverse share split	0.0833
Related Party
Total revenue from fees, net		$ 178,511	$ 153,793

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Loss Including Noncontrolling Interests	$ (31,662)	$ (98,623)
Other Comprehensive Income:
Unrealized gain (loss) on securities available for sale, net	(21,531)	15,792
Comprehensive Loss Including Noncontrolling Interests	(53,193)	(82,831)
Less: Comprehensive income (loss) attributable to noncontrolling interests	(7,247)	(21,314)
Comprehensive Loss Attributable to Pagaya Technologies Ltd.	$ (45,946)	$ (61,517)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands		Total	Private Placement, Ordinary Share Offering	Private Placement, Equity Financing Purchase Agreement	Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit)	Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit) Private Placement, Ordinary Share Offering	Total Pagaya Technologies Ltd. Shareholders’ Equity (Deficit) Private Placement, Equity Financing Purchase Agreement	Ordinary Shares (Class A and Class B)		Ordinary Shares (Class A and Class B) Private Placement, Ordinary Share Offering	Ordinary Shares (Class A and Class B) Private Placement, Equity Financing Purchase Agreement	Additional Paid-In Capital	Additional Paid-In Capital Private Placement, Ordinary Share Offering	Additional Paid-In Capital Private Placement, Equity Financing Purchase Agreement	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Non-Controlling Interests
Beginning balance at Dec. 31, 2022		$ 0
Ending balance at Mar. 31, 2023		0
Beginning balance (in shares) at Dec. 31, 2022	[1]							56,942,632
Beginning balance at Dec. 31, 2022		765,423			$ 553,520							$ 968,432			$ (713)	$ (414,199)	$ 211,903
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of warrants (in shares)	[1]							16,304
Issuance of ordinary shares upon exercise of share options (in shares)	[1]							171,609
Issuance of ordinary shares upon exercise of share options		484			484							484
Issuance of ordinary shares upon vesting of RSUs (in shares)	[1]							27,079
Share-based compensation		17,296			17,296							17,296
Issuance of ordinary shares in connection with the acquisition of Darwin Homes, Inc. (in shares)	[1]							1,515,145
Issuance of ordinary shares in connection with the acquisition of Darwin Homes, Inc.		18,134			18,134							18,134
Contributions of interests in consolidated VIEs		10,128															10,128
Return of capital to interests in consolidated VIEs		(12,194)															(12,194)
Other comprehensive income (loss)		15,792			(546)										(546)		16,338
Net income (loss)		(98,623)			(60,971)											(60,971)	(37,652)
Ending balance (in shares) at Mar. 31, 2023	[1]							58,672,769
Ending balance at Mar. 31, 2023		716,440			527,917							1,004,346			(1,259)	(475,170)	188,523
Beginning balance at Dec. 31, 2023	[2]	$ 74,250
Ending balance (in shares) at Mar. 31, 2024		5,000,000
Ending balance at Mar. 31, 2024	[2]	$ 74,250
Beginning balance (in shares) at Dec. 31, 2023	[1]							62,043,246
Beginning balance at Dec. 31, 2023		$ 665,749			559,721							1,101,914			444	(542,637)	106,028
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of share options (in shares)		97,339						100,613	[1]
Issuance of ordinary shares upon exercise of share options		$ 161			161							161
Issuance of ordinary shares upon vesting of RSUs (in shares)	[1]							660,447
Share-based compensation		17,618			17,618							17,618
Issuance of ordinary shares from the Equity Financing Purchase Agreement (in shares)	[1]									7,500,000	298,057
Issuance of ordinary shares from the Equity Financing Purchase Agreement			$ 89,938	$ 5,338		$ 89,938	$ 5,338						$ 89,938	$ 5,338
Contributions of interests in consolidated VIEs		2,815															2,815
Return of capital to interests in consolidated VIEs		(2,515)															(2,515)
Other comprehensive income (loss)		(21,531)			(24,723)										(24,723)		3,192
Net income (loss)		(31,662)			(21,223)											(21,223)	(10,439)
Ending balance (in shares) at Mar. 31, 2024	[1]							70,602,363
Ending balance at Mar. 31, 2024		$ 725,911			$ 626,830							$ 1,214,969			$ (24,279)	$ (563,860)	$ 99,081

[1]Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.[2]Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY (UNAUDITED) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 5,312

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss including noncontrolling interests	$ (31,662)	$ (98,623)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity method income (loss)	(528)	(987)
Depreciation and amortization	6,317	3,516
Share-based compensation	15,475	16,367
Fair value adjustment to warrant liability	(1,900)	(190)
Impairment loss on investments in loans and securities	26,851	68,347
Write-off of capitalized software	408	1,549
Other non-cash items	739	0
Change in operating assets and liabilities:
Fees and other receivables	(8,875)	(345)
Deferred tax liabilities, net	0	(45)
Prepaid expenses and other assets	(1,936)	3,528
Right-of-use assets	1,879	2,197
Accounts payable	1,885	999
Accrued expenses and other liabilities	8,298	(22,573)
Operating lease liability	(1,524)	(3,530)
Income tax receivable / payable	5,043	6,117
Net cash provided by (used in) operating activities	20,470	(23,673)
Proceeds from the sale/maturity/prepayment of:
Investments in loans and securities	35,897	25,985
Cash and restricted cash acquired from Darwin Homes, Inc.	0	1,608
Payments for the purchase of:
Investments in loans and securities	(261,638)	(121,732)
Property and equipment	(5,145)	(5,526)
Net cash used in investing activities	(230,886)	(99,665)
Cash flows from financing activities
Proceeds from sale of ordinary shares, net of issuance costs	89,938	0
Proceeds from long-term debt	244,725	0
Proceeds from secured borrowing	97,448	82,031
Proceeds received from noncontrolling interests	2,815	10,128
Proceeds from revolving credit facility	44,000	100,000
Proceeds from exercise of stock options	161	484
Proceeds from issuance of ordinary shares from the Equity Financing Purchase Agreement	5,338	0
Distributions made to noncontrolling interests	(2,515)	(12,194)
Payments made to revolving credit facility	(134,000)	(20,000)
Payments made to secured borrowing	(38,005)	(57,425)
Payments made to long-term debt	(3,188)	0
Long-term debt issuance costs	(7,974)	0
Net cash provided by financing activities	298,743	103,024
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(820)	0
Net increase (decrease) in cash, cash equivalents and restricted cash	87,507	(20,314)
Cash, cash equivalents and restricted cash, beginning of period	222,541	337,076
Cash, cash equivalents and restricted cash, end of period	310,048	316,762
Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheet to the amounts shown in the statements of cash flow above:
Cash and cash equivalents	274,495	289,387
Restricted cash - current	16,872	22,542
Restricted cash - non-current	18,681	4,833
Total cash, cash equivalents, and restricted cash	$ 310,048	$ 316,762

BUSINESS DESCRIPTION

BUSINESS DESCRIPTION	3 Months Ended
BUSINESS DESCRIPTION	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS DESCRIPTION	BUSINESS DESCRIPTION Pagaya Technologies Ltd. and its consolidated subsidiaries (together “we” “our” “Pagaya” or the “Company”) is a technology company that deploys sophisticated data science and proprietary AI technology to drive better results for financial services and other service providers, their customers, and asset investors. Services providers integrated with Pagaya’s network, which are referred to as “Partners,” range from high-growth financial technology companies to incumbent banks and financial institutions, auto finance providers and residential real estate service providers. Partners have access to Pagaya’s network in order to assist with extending financial products to their customers, in turn helping those customers fulfill their financial needs and dreams. These assets originated by Partners with the assistance of Pagaya’s AI technology are eligible to be acquired by (i) funds managed or advised by Pagaya or one of its affiliates, (ii) securitization vehicles sponsored or administered by Pagaya or one of its affiliates and (iii) other similar vehicles (“Financing Vehicles”). Pagaya Technologies Ltd. was founded in 2016 and is organized under the laws of the State of Israel. Pagaya has its primary offices in Israel and the United States. Reverse Share Split

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company, its wholly-owned subsidiaries, and consolidated variable interest entities (“VIEs”) if any. The accompanying unaudited condensed consolidated financial statements were derived from the audited consolidated financial statements, but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K. All intercompany accounts and transactions have been eliminated. The Company’s functional and reporting currency is the U.S. Dollar. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements, except as noted below, and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2024 and the Company’s consolidated results of operations and shareholders’ equity for the three months ended March 31, 2024 and 2023, and cash flows for the three months ended March 31, 2024 and 2023. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or any other future interim or annual period. Significant Accounting Policies There were no material changes to our significant accounting policies as disclosed in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on April 25, 2024. Recent Accounting Pronouncements Not Yet Adopted As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Specifically, the new guidance requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker, and an amount for other segment items by reportable segment, with a description of its composition. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and provide new segment disclosure requirements for entities with a single reportable segment. This ASU is effective for the Company beginning in fiscal year 2024 and interim periods within fiscal year 2025, with early adoption permitted. The Company is currently evaluating the impact of the amendments to its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items where the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income/loss by the applicable statutory income tax rate. In addition, entities are required to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by jurisdictions. This ASU is effective for the Company for annual periods beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of these amendments on its consolidated financial statements and related disclosures. Recent Accounting Pronouncements Adopted In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for convertible instruments. The guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. The guidance became effective for the Company beginning January 1, 2024. The adoption of the guidance did not have a material impact on the Company’s financial statements.

REVENUE

REVENUE	3 Months Ended
REVENUE	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Revenue From Fees Revenue from fees is comprised of Network AI fees and Contract fees. Network AI fees can be further broken down into two fee streams: AI integration fees and capital markets execution fees. AI integration fees are earned for the creation and delivery of assets that comprise Network Volume. The Company utilizes multiple funding channels to enable the purchase of network assets from Partners, such as asset backed securitizations (“ABS”). Capital markets execution fees are earned from the market pricing of ABS transactions while contract fees are management, performance and similar fees. These fees are the result of agreements with customers and are recognized in accordance with FASB Accounting Standards Codification 606, “Revenue from Contracts with Customers” (“ASC 606”). Revenue is generally recognized on a gross basis in accordance with ASC 606 related to reporting revenue on a gross basis as a principal versus on a net basis as an agent. This is because the Company is primarily responsible for integrating the various services fulfilled by Partners and is ultimately responsible to the Financing Vehicles for the fulfillment of the related services. To the extent the Company does not meet the criteria for recognizing revenue on a gross basis, the Company records revenue on a net basis. Network AI fees, comprised of AI integration fees and capital markets execution fees, totaled $215.3 million and $150.2 million for the three months ended March 31, 2024 and 2023, respectively. The Company recognizes Network AI fees primarily at a point in time when the related performance obligation is satisfied. From time to time the Company may provide certain incentives to Financing Vehicles. When the Company determines that an incentive is consideration payable to a customer, the incentive is recorded as a reduction of revenue. Expenses to third parties for services that are integrated with the Company’s technology are recorded in the consolidated statements of operations as Production Costs. Real estate fees, which are included in Network AI fees, are earned for the obligations to arrange for the purchase of real estate assets, provide administrative services, arrange for the eventual sale of the assets, and provide pre-and post-purchase services including the right to earn performance fees. All of these fees are recognized over time except for the purchase and sale obligations, which are satisfied at the point in time of the respective transactions. As the Company is a principal for these services, revenues are recorded on a gross basis. Contract fees include administration and management fees, performances fees, and servicing fees. Contract fees totaled $21.7 million and $25.1 million for the three months ended March 31, 2024 and 2023, respectively. The Company recognizes administration fees over the service period for the Financing Vehicles managed or administered by the Company. Performance fees are earned when certain Financing Vehicles exceed contractual return thresholds. They are recognized only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. An estimate is made by the Company based on a variety of factors including market conditions and expected loan performance. In the following period, the true performance is measured and then adjusted to ensure that the fees accurately represent actual performance. As such, there are revenues that result from performance obligations satisfied in the previous year. During the three months ended March 31, 2024, $3.3 million worth of fees represent performance obligations satisfied in 2023 that were greater than the original estimate. During the three months ended March 31, 2023, $1.7 million worth of fees represent performance obligations satisfied in 2022 that were lesser than the original estimate. Servicing fees for the Financing Vehicles, which primarily involve collecting payments and providing reporting on the loans within the securitization vehicles, are recognized over the service period. These duties have been considered to be agent responsibilities and does not include acting as a loan servicer. Accordingly, servicing fees are recorded on a net basis. The Company determines its contracts generally to not include a significant financing component since the Company's selling prices are not subjected to billing terms nor is its purpose to receive financing from its customers or to provide customers with financing. In addition, as a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between payment and the transfer of services is expected to be one year or less. Once revenue is recognized, it is recorded on the balance sheet in fees and other receivables until the payment is received from the customer. The timing of the recognition depends on the type of service as described above. Three Months Ended March 31, 2024 2023 (in thousands) Services transferred at a point in time $ 227,575 $ 162,415 Services transferred over time 9,429 12,839 Total revenue from fees, net $ 237,004 $ 175,254 The Company had no material contract assets, contract liabilities, or deferred contract costs recorded as of March 31, 2024 or December 31, 2023. Concentrations of Credit Risk and Significant Customers Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents, restricted cash and fees receivable. Cash and cash equivalents are principally maintained with major financial institutions, which management assesses to be of high credit quality. The Company has not experienced any losses on these deposits. The Company’s fees receivable balances are predominantly with agreements with customers, and these are subject to normal credit risks which management believes to be not significant.

BORROWINGS

BORROWINGS	3 Months Ended
BORROWINGS	Mar. 31, 2024
Debt Disclosure [Abstract]
BORROWINGS	BORROWINGS As of March 31, 2024 and December 31, 2023, the Company had secured borrowings with an outstanding balance of $331.2 million and $271.7 million, respectively, a long-term debt with an outstanding balance of $235.0 million and $0.0 million, respectively, and a revolving credit facility with an outstanding balance of $0.0 million and $90.0 million, respectively. The Company was in compliance with all covenants as of March 31, 2024. Risk Retention Master Repurchase In normal course of business, the Company, through consolidated VIEs, enters into repurchase agreements to finance the Company’s risk retention balance in notes and certificates retained from securitization transactions. Under these agreements, the Company pledges financial instruments as collateral. Our agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledge by the counterparty are included in Investments in loans and securities in our balance sheet. As of March 31, 2024 and December 31, 2023, the outstanding principal balance under the repurchase agreements was $310.1 million and $251.4 million, respectively, which is recorded within secured borrowing on the consolidated balance sheet, with a weighted average interest rate of approximately fourteen percent and thirteen percent, respectively. The average remaining contractual maturities of the repurchase agreements were greater than 90 days as of both March 31, 2024 and December 31, 2023. Receivables Facility In October 2022, Pagaya Receivables LLC, a wholly-owned subsidiary, entered into a Loan and Security Agreement (the “LSA Agreement”) with certain lenders, which provides for a 3-year loan facility (the “Receivables Facility”) in a maximum principal amount of $22 million to finance certain eligible receivables purchased from sponsored securitization transactions. In June 2023, the Company amended the agreement and increased the maximum principal amount by $10 million to $32 million. Borrowings under the Receivables Facility bear interest at a rate per annum equal to the adjusted term Secured Overnight Financing Rate (subject to a 0.00% floor) plus a margin of 2.20%, and the balance is repaid using cash proceeds received from the receivables. As of March 31, 2024 and December 31, 2023, the outstanding principal balance under the Receivables Facility was $21.0 million and $20.3 million, respectively, which is recorded within secured borrowing on the consolidated balance sheet. Credit Agreement On February 2, 2024, the Company entered into a certain Credit Agreement (the “Credit Agreement”) which provides for a 5-year senior secured revolving credit facility (the “Revolving Credit Facility”) in an initial principal amount of $25 million, which subsequently increased to $35 million, and a 5 year senior secured term loan facility (the “Term Loan Facility,” and together with the Revolving Credit Facility, the “Facilities”) in an initial principal amount of $255 million. The Facilities replace the SVB Revolving Credit Facility. In addition to replacing the SVB Revolving Credit Facility, proceeds of borrowings under the Facilities may be used for general corporate purposes of the Company and its subsidiaries. As of the date of this filing, no borrowings have been made under the Revolving Credit Facility. No amortization payments are required to be made in respect of borrowings under the Revolving Credit Facility. Amortization payments are required to be made in respect of the term loans under the Term Loan Facility in amount of 1.25% per quarter of the original principal amount of the term loans under the Term Loan Facility. Borrowings under the Facilities bear interest at a rate per annum equal to, at the Company’s option, (i) a base rate (determined based on the prime rate and subject to a 2.00% floor) plus a margin of 6.50% or (ii) an adjusted term Secured Overnight Financing Rate (subject to a 1.00% floor) plus a margin of 7.50%. A commitment fee accrues on any unused portion of the commitments under the Revolving Credit Facility at a rate per annum of 0.25% and is payable quarterly in arrears. Accrued interest of $2.3 million was recorded within accrued expenses and other liabilities on the consolidated balance sheet as of March 31, 2024. As of March 31, 2024, the Company had an outstanding balance of $235.0 million, which is recorded within long-term debt on the consolidated balance sheet, and its aggregate future maturities consists of the following (in thousands): March 31, 2024 2024 $ 9,563 2025 12,750 2026 12,750 2027 12,750 2028 12,750 Thereafter 191,250 Total 251,813 Debt issuance costs (16,765) Total long-term debt, net of debt issuance costs $ 235,048 As of March 31, 2024, the Company had letters of credit issued in the amount of $10.0 million, and $25.0 million of remaining capacity available under the Revolving Credit Facility.

INVESTMENTS IN LOANS AND SECURI

INVESTMENTS IN LOANS AND SECURITIES	3 Months Ended
INVESTMENTS IN LOANS AND SECURITIES	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS IN LOANS AND SECURITIES	INVESTMENTS IN LOANS AND SECURITIES The amortized cost, gross unrealized gains and losses and fair value of investments in loans and securities as of March 31, 2024 and December 31, 2023 were as follows (in thousands). As provided in Note 6, a portion of these investments in loans and securities are consolidated as a result of the Company’s determination that it is the primary beneficiary of certain VIEs. As of March 31, 2024 Investments in loans and securities, available for sale(1): Amortized Gross Gross Allowance for Credit Losses Fair Securitization notes $ 174,845 $ 651 $ (1,684) $ — $ 173,812 Securitization certificates 852,179 15,018 (29,638) (121,349) 716,210 Other loans and receivables 9,140 — — (5,011) 4,129 Total $ 1,036,164 $ 15,669 $ (31,322) $ (126,360) $ 894,151 (1) Excludes accrued interest receivable of $14.5 million included in Fees and other receivables As of December 31, 2023 Investments in loans and securities, available for sale(1): Amortized Gross Gross Allowance for Credit Losses Fair Securitization notes $ 91,654 $ 629 $ (1,858) $ — $ 90,425 Securitization certificates 715,646 18,684 (11,578) (98,679) 624,073 Other loans and receivables 4,574 — — $ (2,279) 2,295 Total $ 811,874 $ 19,313 $ (13,436) $ (100,958) $ 716,793 (1) Excludes accrued interest receivable of $12.5 million included in Fees and other receivables The following tables set forth the fair value and gross unrealized losses on investments in loans and securities without an allowance for credit losses aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, as of the dates indicated (in thousands): As of March 31, 2024 Less than or equal to 1 year Greater than 1 year Total Investments in loans and securities, available for sale: Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Securitization notes $ 49,964 $ (1,684) $ — $ — $ 49,964 $ (1,684) Securitization certificates 7,039 (1,482) — — 7,039 (1,482) Other loans and receivables — — — — — — Total $ 57,003 $ (3,166) $ — $ — $ 57,003 $ (3,166) As of December 31, 2023 Less than or equal to 1 year Greater than 1 year Total Investments in loans and securities, available for sale: Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Securitization notes $ 59,925 $ (1,858) $ — $ — $ 59,925 $ (1,858) Securitization certificates 15,799 (1,988) — — 15,799 (1,988) Other loans and receivables — — — — — — Total $ 75,724 $ (3,846) $ — $ — $ 75,724 $ (3,846) The following table sets forth the amortized cost and fair value of investments in loans and securities by contractual maturities, as of the date indicated (in thousands): As of March 31, 2024 Within 1 year Greater than 1 year, less than or equal to 5 years Total Investments in loans and securities, available for sale: Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Securitization notes $ 1,256 $ 1,245 $ 173,589 $ 172,567 $ 174,845 $ 173,812 Securitization certificates 53 53 852,126 716,157 852,179 716,210 Other loans and receivables — — 9,140 4,129 9,140 4,129 Total (1) $ 1,309 $ 1,298 $ 1,034,855 $ 892,853 $ 1,036,164 $ 894,151 As of December 31, 2023 Within 1 year Greater than 1 year, less than or equal to 5 years Total Investments in loans and securities, available for sale: Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Securitization notes $ 2,405 $ 2,387 $ 89,249 $ 88,038 $ 91,654 $ 90,425 Securitization certificates 103 103 715,543 623,970 715,646 624,073 Other loans and receivables — — 4,574 2,295 4,574 2,295 Total (1) $ 2,508 $ 2,490 $ 809,366 $ 714,303 $ 811,874 $ 716,793 (1) Based on contractual maturities of corresponding repurchase agreements. See Note 6 for additional information. The following table sets forth gross proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of securities, for the periods indicated (in thousands): Three Months Ended March 31, 2024 2023 Investments in loans and securities, available for sale: Proceeds from sales/maturities/prepayments $ 35,897 $ 25,985 Write-offs charged against the allowance $ 1,449 $ — Additions to allowance for credit losses not previously recorded $ (26,851) $ (68,347) The following tables set forth the activity in the allowance for credit losses for investments in loans and securities, as of the dates indicated (in thousands): Three Months Ended March 31, 2024 Securitization notes Securitization certificates Other Loans and Receivables Total Balance, beginning of period $ — $ (98,679) $ (2,279) $ (100,958) Additions to allowance for credit losses not previously recorded — (2,965) — (2,965) Additions to allowance for credit losses arising from purchases — — (3,246) (3,246) Additions (reductions) on securities with previous allowance — (19,705) (935) (20,640) Write-offs charged against the allowance — — 1,449 1,449 Balance, end of period $ — $ (121,349) $ (5,011) $ (126,360) Three Months Ended March 31, 2023 Securitization notes Securitization certificates Other Loans and Receivables Total Balance, beginning of period $ — $ — $ — $ — Additions to allowance for credit losses not previously recorded — (65,572) (2,775) (68,347) Balance, end of period $ — $ (65,572) $ (2,775) $ (68,347) Equity Method and Other Investments The following investments, including those accounted for under the equity method, are included within Equity method and other investments in the consolidated balance sheets as of March 31, 2024 and December 31, 2023 (in thousands): Carrying Value March 31, 2024 December 31, 2023 Investments in Pagaya SmartResi F1 Fund, LP (1) $ 17,884 $ 17,357 Other (2) 9,027 9,026 Total $ 26,911 $ 26,383 (1) The Company owns approximately 5.4% and is the general partner of Pagaya Smartresi F1 Fund LP.

CONSOLIDATION AND VARIABLE INTE

CONSOLIDATION AND VARIABLE INTEREST ENTITIES	3 Months Ended
CONSOLIDATION AND VARIABLE INTEREST ENTITIES	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATION AND VARIABLE INTEREST ENTITIES	CONSOLIDATION AND VARIABLE INTEREST ENTITIES The Company has variable interests in securitization vehicles that it sponsors. The Company consolidates VIEs when it is deemed to be the primary beneficiary. In order to be primary beneficiary, the Company must have a controlling financial interest in the VIE. This is determined by evaluating if the Company has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant. Consolidated VIEs As of March 31, 2024 and December 31, 2023, the Company has determined that it is the primary beneficiary of Pagaya Structured Holdings LLC, Pagaya Structured Holdings II LLC, and Pagaya Structured Holding III LLC (“Risk Retention Entities”). As sponsor of securitization transactions, the Company is subject to risk retention requirements and established the Risk Retention Entities to meet these requirements. Below is a summary of assets and liabilities from the Company’s involvement with consolidated VIEs (i.e., Risk Retention Entities) (in thousands): Assets Liabilities Net Assets As of March 31, 2024 $ 122,929 $ — $ 122,929 As of December 31, 2023 $ 132,660 $ — $ 132,660 Unconsolidated VIEs The Company determined that it is not the primary beneficiary of the trusts which hold the loans and issue securities associated with the securitization transactions the Company sponsors. The Company does not have the power to direct or control the activities which most significantly affect the performance of the trusts, which was determined to be servicing loans. The Company’s maximum exposure to loss from its involvement with unconsolidated VIEs represents the estimated loss that would be incurred under severe, hypothetical circumstances, for which the Company believes the possibility is remote, such as where the value of securitization notes and senior and residual certificates the Company holds as part of the risk retention requirement declines to zero. Below is a summary of the Company’s direct interest in (i.e., not held through Risk Retention Entities) variable interests in nonconsolidated VIEs (in thousands): Carrying Amount Maximum Exposure to Loss VIE Assets As of March 31, 2024 $ 777,480 $ 777,480 $ 9,463,355 As of December 31, 2023 $ 591,030 $ 591,030 $ 8,363,402

LEASES

LEASES	3 Months Ended
LEASES	Mar. 31, 2024
Leases [Abstract]
LEASES	LEASES The Company leases facilities under operating leases with various expiration dates through 2032. The Company leases office space in New York, Israel and several other locations. The security deposits for the leases are $4.6 million and $4.8 million as of March 31, 2024 and December 31, 2023, respectively, which have been recognized as restricted cash, non-current in the consolidated balance sheets. The Company’s operating lease expense consists of rent and variable lease payments. Variable lease payments such as common area maintenance were included in operating expenses. Rent expense for the Company’s short-term leases was immaterial for the periods presented. Operating lease expense was as follows (in thousands): Three Months Ended March 31, 2024 2023 Rent expense $ 2,909 $ 3,440 Variable lease payments $ 94 $ 143 Sublease income $ 1,005 $ 1,054 Maturities of the Company’s operating lease liabilities as of March 31, 2024 were as follows (in thousands): 2024 $ 7,206 2025 8,635 2026 8,635 2027 7,471 2028 6,590 Thereafter 21,167 Total 59,704 Less: imputed interest (11,203) Total operating lease liabilities $ 48,501

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings — From time to time the Company is subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, the Company establishes an accrued liability for legal proceeding and claims when those matters present loss contingencies which are both probable and reasonably estimable. All such liabilities arising from current legal and regulatory matters, to the extent such matters existed, have been recorded in accrued expenses and other liabilities on the consolidated statements of financial position and these matters are immaterial. Contractual Obligations and Commitments — During 2023, the Company entered into a purchase commitment with our third-party cloud computing web services provider, which included an annual purchase commitment of $4.6 million for the period from October 2023 through September 2025. As of March 31, 2024, the total remaining contractual obligations are approximately $7.3 million, of which $4.9 million is for the next 12 months. We may pay more than the minimum purchase commitment based on usage. Guarantees and Indemnifications —

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES	3 Months Ended
TRANSACTIONS WITH RELATED PARTIES	Mar. 31, 2024
Related Party Transactions [Abstract]
TRANSACTIONS WITH RELATED PARTIES	TRANSACTIONS WITH RELATED PARTIES In the ordinary course of business, the Company may enter into transactions with directors, principal officers, their immediate families, and affiliated companies in which they are principal shareholders (commonly referred to as related parties). In addition, the Company has transactions with the securitization vehicles and other Financing Vehicles, which are also related parties. As of March 31, 2024, the total fee receivables from related parties are $88.7 million, which consist of $81.9 million from securitization vehicles and $6.8 million from other Financing Vehicles. As of December 31, 2023, the total fee receivables from related parties are $84.8 million, which consists of $78.4 million from securitization vehicles and $6.3 million from other Financing Vehicles. As of March 31, 2024 and December 31, 2023, prepaid expenses and other assets include amounts due from related parties of $7.1 million and $7.9 million, respectively, all of which were attributable to Financing Vehicles.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	3 Months Ended
FAIR VALUE MEASUREMENT	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	FAIR VALUE MEASUREMENT FASB ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles, and requires certain disclosures about fair value measurements. In general, fair values of financial instruments are based upon quoted market prices, when available. If such quoted market prices are not available, fair value is based upon models that use, as inputs, observable market-based parameters to the greatest extent possible. Financial Assets and Liabilities Recorded at Fair Value The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands): March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Investments in loans and securities (Notes) $ — $ 69,030 $ 104,782 $ 173,812 Investments in loans and securities (Certificates and Other loans and receivables) — — 720,339 720,339 Liabilities: Warrant liability $ 872 $ 470 $ — $ 1,342 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Investments in loans and securities (Notes) $ — $ 90,425 $ — $ 90,425 Investments in loans and securities (Certificates and Other loans and receivables) — — 626,368 626,368 Liabilities: Warrant liability $ 2,106 $ 1,136 $ — $ 3,242 There were no transfers between levels during the periods ended March 31, 2024 and December 31, 2023. Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 1 and 2) Warrant liability (Level 1 and 2) The Company used the value of the Public Warrants (Level 1) as an approximation of the value of the Private Warrants as they are substantially similar to the Public Warrants, but not directly traded or quoted on an active market. The following tables summarize the Warrant liability activity for the three months ended March 31, 2024 and 2023 (in thousands): Balance as of December 31, 2022 $ 1,400 Change in fair value (190) Balance as of March 31, 2023 $ 1,210 Balance as of December 31, 2023 $ 3,242 Change in fair value (1,900) Balance as of March 31, 2024 $ 1,342 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 3) Investments in Loans and Securities Available for Sale (Level 3) As of March 31, 2024, the Company held investments in loans and securities classified as available for sale. These assets are measured at fair value using a discounted cash flow model, and presented within investments in loans and securities on the consolidated balance sheets. Changes in the fair value, other than declines in fair value due to credit, are reflected in other comprehensive income (loss) on the consolidated statements of comprehensive income (loss). Declines in fair value due to credit are reflected in other income (expenses), net on the consolidated statements of operations. The following tables summarize the activity related to the fair value of the investments in loans and securities available for sale for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Balance, beginning of period $ 716,793 $ — Transfer from held-to-maturity to available for sale at fair value — 480,437 Additions 261,638 121,731 Cash received (35,897) (25,985) Change in fair value (21,531) (670) Credit-related impairment loss (26,851) (68,347) Balance, end of period $ 894,151 $ 507,166 Significant unobservable inputs used for our Level 3 fair value measurement of the loans and securities are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the loans and securities as of March 31, 2024 and December 31, 2023: March 31, 2024 Unobservable Input Minimum Maximum Weighted Average Discount rate 8.0 % 20.0% 16.7% Loss rate 6.2 % 31.0% 17.2% Prepayment rate 0.0 % 40.0% 9.1% December 31, 2023 Unobservable Input Minimum Maximum Weighted Average Discount rate 8.0 % 15.0% 15.0% Loss rate 4.9 % 31.0% 15.7% Prepayment rate 4.0 % 40.0% 9.9% Financial Assets and Liabilities Not Recorded at Fair Value The Company believes that the carrying amount of cash, cash equivalents and restricted cash, fees and other receivables, accounts payables and other current liabilities approximate their fair value due to the short-term maturities of these instruments. The below tables contain information about assets that are not measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Fair Value Carrying Level 1 Level 2 Level 3 Total Assets Cash, cash equivalents and restricted cash $ 310,049 $ 310,049 $ — $ — $ 310,049 Fees and other receivables 122,600 — 122,600 — 122,600 Total assets $ 432,649 $ 310,049 $ 122,600 $ — $ 432,649 December 31, 2023 Fair Value Carrying Level 1 Level 2 Level 3 Total Assets Cash, cash equivalents and restricted cash $ 222,541 $ 222,541 $ — $ — $ 222,541 Fees and other receivables 113,707 — 113,707 — 113,707 Total assets $ 336,248 $ 222,541 $ 113,707 $ — $ 336,248

ORDINARY SHARES AND ORDINARY SH

ORDINARY SHARES AND ORDINARY SHARE WARRANTS	3 Months Ended
ORDINARY SHARES AND ORDINARY SHARE WARRANTS	Mar. 31, 2024
Equity [Abstract]
ORDINARY SHARES AND ORDINARY SHARE WARRANTS	ORDINARY SHARES AND ORDINARY SHARE WARRANTS As of March 31, 2024, 839,999,998 shares with no par value are authorized, of which, 6,666,666 shares are designated as Preferred Shares, 666,666,666 shares are designated as Class A Ordinary Shares, and 166,666,666 shares are designated as Class B Ordinary Shares. As of March 31, 2024, the Company had 5,000,000 Preferred Shares outstanding, 57,950,053 Class A Ordinary Shares outstanding and 12,652,310 Class B Ordinary Shares outstanding. The rights of the holders of each class of Ordinary Shares are identical, except with respect to voting. Each Class A Ordinary Share is entitled to one vote per share. Each Class B Ordinary Share is entitled to 10 votes per share. Class B Ordinary Shares may be converted at any time at the option of the stockholder and automatically convert upon sale or transfer to a Class A Ordinary Share. Reverse Share Split Upon the approvals granted at the special general meeting of shareholders held on February 15, 2024, the Board has determined to implement a reverse share split of all of the Company’s ordinary and preferred shares, without par value, at a ratio of 1-for-12 with effective date of March 8, 2024. All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the reverse share split. As of March 31, 2024 and December 31, 2023, the Company had reserved ordinary shares for future issuance as follows: March 31, 2024 December 31, 2023 Share options 4,110,374 4,250,988 Options to restricted shares 20,034,514 20,046,080 RSUs 2,353,589 3,034,203 Ordinary share warrants 2,076,014 2,076,014 Redeemable convertible preferred shares 5,000,000 5,000,000 Shares available for future grant of equity awards 5,251,353 5,231,186 Shares reserved for issuance under the ESPP 891,858 — Total shares of ordinary share reserved 39,717,702 39,638,471 Ordinary Share Warrants The Company has accounted for the ordinary share warrants as equity-classified warrants as they met the requirements for equity classification under ASC 815, including whether the ordinary share warrants are indexed to the Company’s own ordinary shares. As of March 31, 2024, there were 433,946 warrants expiring in March 2031 with an exercise price of $0.00006 per share, 192,901 warrants expiring in June 2030 with an exercise price of $0.0006 per share, 220,000 warrants expiring in March 2032 with an exercise price of $0.12 per share, and 1,229,166 warrants expiring in June 2027 (consisting of the Public Warrants and Private Placement Warrants) with an exercise price of $138 per share. Ordinary Shares Purchase Agreement During three months ended March 31, 2024, 298,057 shares were issued under the Equity Financing Purchase Agreement for net proceeds of $5.2 million, and related fee of $0.2 million was expensed. Ordinary Share Offering On March 13, 2024, the Company priced an offering of 7,500,000 of its Class A Ordinary Shares, no par value, pursuant to an underwriting agreement (the “Underwriting Agreement”) with Citigroup Global Markets Inc. and Jefferies LLC as representatives of the several underwriters. The proceeds from the offer and sale of the securities are approximately $90.0 million, after deducting the underwriting discount and fees and offering expenses payable by the Company.

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	3 Months Ended
SHARE BASED COMPENSATION	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
SHARE BASED COMPENSATION	SHARE BASED COMPENSATION Share Options —Granted share options expire at the earlier of termination of employment or ten years from the date of grant. Share options generally vest over four years of the employment commencement date or with 25% vesting on the twelve-month anniversary of the employment commencement date, and the remaining on a pro-rata basis each quarter over the next three years. Any options, which are forfeited or not exercised before expiration, become available for future grants. The following table summarized the Company’s share option activity during the three months ended March 31, 2024: Number of Options Weighted Average Exercise Price Weighted Average Aggregate Balance, December 31, 2023 4,250,988 $ 7.2 7.2 $ 43,940 Granted — — Exercised (97,339) 3.0 Forfeited (43,275) 21.4 Balance, March 31, 2024 4,110,374 $ 8.6 6.9 $ 5,992 Vested and exercisable, March 31, 2024 3,162,852 $ 7.1 6.8 $ 9,549 There was no grant of share options during the three months ended March 31, 2024. The aggregate intrinsic value of options exercised was approximately $0.7 million and $1.6 million for the three months ended March 31, 2024 and 2023, respectively. The total fair value of share options vested for the three months ended March 31, 2024 and 2023, was $62.8 million and $41.6 million, respectively. As of March 31, 2024, unrecognized compensation expense related to unvested share options was approximately $46.7 million, which is expected to be recognized over a remaining weighted-average period of 1.0 years. Restricted Stock Units (RSUs) —RSUs generally vest over two years of the employment commencement date with 50% vesting on the twelve-month anniversary of the employment commencement date, and the remaining on a pro-rata basis each quarter over the remaining twelve months. RSUs granted are forfeited at termination of employment. Any RSUs, which are forfeited or not exercised before expiration, become available for future grants. The following table summarized the Company’s RSU activity during the three months ended March 31, 2024: Number of RSUs Weighted Average Grant Date Fair Value Per Share Unvested at December 31,2023 3,034,203 $ 15.6 Granted 24,081 13.9 Vested (660,447) 14.3 Forfeited (44,248) 18.6 Unvested at March 31, 2024 2,353,589 $ 15.8 Options to Restricted Shares —Options to restricted shares were granted to certain employees and directors during 2021. See Note 16 to the consolidated financial statements included in the Annual Report on Form 10-K for additional information. The following table summarized the Company’s options to restricted shares activity during the three months ended March 31, 2024: Number of Options Weighted Average Exercise Price Weighted Average Aggregate Balance, December 31, 2023 20,046,080 $ 19.4 7.2 $ — Granted — — Exercised (3,274) 12.2 Forfeited (8,292) 36.8 Balance, March 31, 2024 20,034,514 $ 19.4 7.0 $ — Vested and exercisable, March 31, 2024 16,554,083 $ 19.2 7.0 $ — At March 31, 2024, unrecognized compensation expense related to options to restricted shares was approximately $18.0 million, which is expected to be recognized over a remaining weighted-average period of 1.5 years. Employee Stock Purchase Plan —The Employee Stock Purchase Plan (“ESPP”) allows eligible employees to purchase shares of our Class A Ordinary Shares at a discounted price, normally through payroll deductions, subject to the terms of the ESPP and applicable law. As of March 31, 2024, 0.9 million shares of our Class A Ordinary Shares were reserved for issuance under the ESPP. Compensation expense related to the ESPP was $0.1 million for three months ended March 31, 2024. Share-Based Compensation Expense The following table presents the components and classification of share-based compensation for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Technology, data and product development $ 2,905 $ 2,458 Selling and marketing 2,852 2,754 General and administrative 9,718 11,155 Total $ 15,475 $ 16,367

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Corporate Income Tax - Ordinary taxable income in Israel is subject to a corporate tax rate of 23%. Pagaya has received an approval from the Israeli Tax authorities for Preferred Technological Enterprise (“PTE”) status and received approval on November 18, 2021. The approval is effective for the tax years 2020 through 2024. Income from a PTE is subject to 12% tax rate. Foreign Exchange Regulations in Israel Under the Foreign Exchange Regulations, the Company calculates its tax liability in U.S. Dollars according to certain orders. The tax liability, as calculated in U.S. Dollars is translated into NIS according to the exchange rate as of December 31st of each year. Non-Israeli subsidiaries are taxed according to the tax laws in their respective countries of residence. The Company’s effective tax rates for the three months ended March 31, 2024 and 2023 are as follows (in thousands): Three Months Ended March 31, 2024 2023 Loss before income taxes $ (26,659) $ (91,956) Income tax expense (benefit) 5,003 6,667 Effective tax rate (18.8) % (7.3) % The Company’s tax rate is affected by recurring items, such as tax rates in foreign jurisdictions and the relative amounts of income the Company earns in those jurisdictions. The difference between the effective tax rate and the statuary tax rate in Israel mainly related to valuation allowance in Israel and tax expenses in the United States. The Company regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized.

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
NET LOSS PER SHARE	Mar. 31, 2024
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE Net income (loss) per share is presented in conformity with the two-class method required for multiple classes of ordinary share and participating securities. The following tables set forth the calculation of basic and diluted net loss per share attributable to ordinary shareholders for the three months ended March 31, 2024 and 2023 (in thousands, except share and per share data): Three Months Ended March 31, 2024 Class A Class B Numerator: Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted $ (17,060) $ (4,163) Denominator: Weighted average shares used for net loss per ordinary share, basic and diluted 51,852,148 12,652,310 Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.33) $ (0.33) Three Months Ended March 31, 2023 Class A Class B Numerator: Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted $ (45,971) $ (15,000) Denominator: Weighted average shares used for net loss per ordinary share, basic and diluted 44,677,998 14,577,866 Net loss per share attributable to ordinary shareholders, basic and diluted $ (1.03) $ (1.03) The following potentially dilutive outstanding securities as of March 31, 2024 and 2023 were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods: March 31, 2024 2023 Share options 3,766,593 5,699,683 Options to restricted shares 20,034,514 20,168,906 RSUs 2,353,589 3,711,114 Ordinary share warrants 2,016,326 2,159,421 Redeemable convertible preferred shares 5,000,000 — Net potential dilutive outstanding securities 33,171,022 31,739,124

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated subsequent events from the balance sheet date through the date that the condensed consolidated financial statements were available to be issued and did not identify any subsequent events that would require adjustment or disclosure in the condensed consolidated financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (21,223)	$ (60,971)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Tami Rosen [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	First, on March 4, 2024, after terminating a legacy 10b5-1 plan, Tami Rosen, a director and the Company’s Chief Development Officer, entered into a new 10b5-1 Plan, with an end date of November 23, 2024, to sell a maximum aggregate of 118,749 shares.
Name	Tami Rosen
Title	director and the Company’s Chief Development Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 4, 2024
Arrangement Duration	264 days
Aggregate Available	118,749
Nicole Torraco [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Second, on March 21, 2024, Nicole Torraco, a director, entered into a 10b5-1 Plan, with an end date of November 23, 2024, to sell a maximum aggregate of 9,485 shares.
Name	Nicole Torraco
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 21, 2024
Arrangement Duration	247 days
Aggregate Available	9,485

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company, its wholly-owned subsidiaries, and consolidated variable interest entities (“VIEs”) if any.
Principles of Consolidation	All intercompany accounts and transactions have been eliminated.
Recent Accounting Pronouncements Not Yet Adopted and Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Not Yet Adopted As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Specifically, the new guidance requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker, and an amount for other segment items by reportable segment, with a description of its composition. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and provide new segment disclosure requirements for entities with a single reportable segment. This ASU is effective for the Company beginning in fiscal year 2024 and interim periods within fiscal year 2025, with early adoption permitted. The Company is currently evaluating the impact of the amendments to its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items where the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income/loss by the applicable statutory income tax rate. In addition, entities are required to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by jurisdictions. This ASU is effective for the Company for annual periods beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of these amendments on its consolidated financial statements and related disclosures. Recent Accounting Pronouncements Adopted In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for convertible instruments. The guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. The guidance became effective for the Company beginning January 1, 2024. The adoption of the guidance did not have a material impact on the Company’s financial statements.
Revenue From Fees	Revenue from fees is comprised of Network AI fees and Contract fees. Network AI fees can be further broken down into two fee streams: AI integration fees and capital markets execution fees. AI integration fees are earned for the creation and delivery of assets that comprise Network Volume. The Company utilizes multiple funding channels to enable the purchase of network assets from Partners, such as asset backed securitizations (“ABS”). Capital markets execution fees are earned from the market pricing of ABS transactions while contract fees are management, performance and similar fees. These fees are the result of agreements with customers and are recognized in accordance with FASB Accounting Standards Codification 606, “Revenue from Contracts with Customers” (“ASC 606”). Revenue is generally recognized on a gross basis in accordance with ASC 606 related to reporting revenue on a gross basis as a principal versus on a net basis as an agent. This is because the Company is primarily responsible for integrating the various services fulfilled by Partners and is ultimately responsible to the Financing Vehicles for the fulfillment of the related services. To the extent the Company does not meet the criteria for recognizing revenue on a gross basis, the Company records revenue on a net basis. Network AI fees, comprised of AI integration fees and capital markets execution fees, totaled $215.3 million and $150.2 million for the three months ended March 31, 2024 and 2023, respectively. The Company recognizes Network AI fees primarily at a point in time when the related performance obligation is satisfied. From time to time the Company may provide certain incentives to Financing Vehicles. When the Company determines that an incentive is consideration payable to a customer, the incentive is recorded as a reduction of revenue. Expenses to third parties for services that are integrated with the Company’s technology are recorded in the consolidated statements of operations as Production Costs. Real estate fees, which are included in Network AI fees, are earned for the obligations to arrange for the purchase of real estate assets, provide administrative services, arrange for the eventual sale of the assets, and provide pre-and post-purchase services including the right to earn performance fees. All of these fees are recognized over time except for the purchase and sale obligations, which are satisfied at the point in time of the respective transactions. As the Company is a principal for these services, revenues are recorded on a gross basis. Contract fees include administration and management fees, performances fees, and servicing fees. Contract fees totaled $21.7 million and $25.1 million for the three months ended March 31, 2024 and 2023, respectively. The Company recognizes administration fees over the service period for the Financing Vehicles managed or administered by the Company. Performance fees are earned when certain Financing Vehicles exceed contractual return thresholds. They are recognized only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. An estimate is made by the Company based on a variety of factors including market conditions and expected loan performance. In the following period, the true performance is measured and then adjusted to ensure that the fees accurately represent actual performance. As such, there are revenues that result from performance obligations satisfied in the previous year. During the three months ended March 31, 2024, $3.3 million worth of fees represent performance obligations satisfied in 2023 that were greater than the original estimate. During the three months ended March 31, 2023, $1.7 million worth of fees represent performance obligations satisfied in 2022 that were lesser than the original estimate. Servicing fees for the Financing Vehicles, which primarily involve collecting payments and providing reporting on the loans within the securitization vehicles, are recognized over the service period. These duties have been considered to be agent responsibilities and does not include acting as a loan servicer. Accordingly, servicing fees are recorded on a net basis. The Company determines its contracts generally to not include a significant financing component since the Company's selling prices are not subjected to billing terms nor is its purpose to receive financing from its customers or to provide customers with financing. In addition, as a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between payment and the transfer of services is expected to be one year or less.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
REVENUE (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Three Months Ended March 31, 2024 2023 (in thousands) Services transferred at a point in time $ 227,575 $ 162,415 Services transferred over time 9,429 12,839 Total revenue from fees, net $ 237,004 $ 175,254

BORROWINGS (Tables)

BORROWINGS (Tables)	3 Months Ended
BORROWINGS (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt, Aggregate Future Maturities	As of March 31, 2024, the Company had an outstanding balance of $235.0 million, which is recorded within long-term debt on the consolidated balance sheet, and its aggregate future maturities consists of the following (in thousands): March 31, 2024 2024 $ 9,563 2025 12,750 2026 12,750 2027 12,750 2028 12,750 Thereafter 191,250 Total 251,813 Debt issuance costs (16,765) Total long-term debt, net of debt issuance costs $ 235,048

INVESTMENTS IN LOANS AND SECU_2

INVESTMENTS IN LOANS AND SECURITIES (Tables)	3 Months Ended
INVESTMENTS IN LOANS AND SECURITIES (Tables)	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-Sale	The amortized cost, gross unrealized gains and losses and fair value of investments in loans and securities as of March 31, 2024 and December 31, 2023 were as follows (in thousands). As provided in Note 6, a portion of these investments in loans and securities are consolidated as a result of the Company’s determination that it is the primary beneficiary of certain VIEs. As of March 31, 2024 Investments in loans and securities, available for sale(1): Amortized Gross Gross Allowance for Credit Losses Fair Securitization notes $ 174,845 $ 651 $ (1,684) $ — $ 173,812 Securitization certificates 852,179 15,018 (29,638) (121,349) 716,210 Other loans and receivables 9,140 — — (5,011) 4,129 Total $ 1,036,164 $ 15,669 $ (31,322) $ (126,360) $ 894,151 (1) Excludes accrued interest receivable of $14.5 million included in Fees and other receivables The following table sets forth the amortized cost and fair value of investments in loans and securities by contractual maturities, as of the date indicated (in thousands): As of March 31, 2024 Within 1 year Greater than 1 year, less than or equal to 5 years Total Investments in loans and securities, available for sale: Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Securitization notes $ 1,256 $ 1,245 $ 173,589 $ 172,567 $ 174,845 $ 173,812 Securitization certificates 53 53 852,126 716,157 852,179 716,210 Other loans and receivables — — 9,140 4,129 9,140 4,129 Total (1) $ 1,309 $ 1,298 $ 1,034,855 $ 892,853 $ 1,036,164 $ 894,151
Debt Securities, Held-to-Maturity	As of December 31, 2023 Investments in loans and securities, available for sale(1): Amortized Gross Gross Allowance for Credit Losses Fair Securitization notes $ 91,654 $ 629 $ (1,858) $ — $ 90,425 Securitization certificates 715,646 18,684 (11,578) (98,679) 624,073 Other loans and receivables 4,574 — — $ (2,279) 2,295 Total $ 811,874 $ 19,313 $ (13,436) $ (100,958) $ 716,793 (1) Excludes accrued interest receivable of $12.5 million included in Fees and other receivables As of December 31, 2023 Less than or equal to 1 year Greater than 1 year Total Investments in loans and securities, available for sale: Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Securitization notes $ 59,925 $ (1,858) $ — $ — $ 59,925 $ (1,858) Securitization certificates 15,799 (1,988) — — 15,799 (1,988) Other loans and receivables — — — — — — Total $ 75,724 $ (3,846) $ — $ — $ 75,724 $ (3,846) As of December 31, 2023 Within 1 year Greater than 1 year, less than or equal to 5 years Total Investments in loans and securities, available for sale: Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Securitization notes $ 2,405 $ 2,387 $ 89,249 $ 88,038 $ 91,654 $ 90,425 Securitization certificates 103 103 715,543 623,970 715,646 624,073 Other loans and receivables — — 4,574 2,295 4,574 2,295 Total (1) $ 2,508 $ 2,490 $ 809,366 $ 714,303 $ 811,874 $ 716,793
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value	The following tables set forth the fair value and gross unrealized losses on investments in loans and securities without an allowance for credit losses aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, as of the dates indicated (in thousands): As of March 31, 2024 Less than or equal to 1 year Greater than 1 year Total Investments in loans and securities, available for sale: Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Securitization notes $ 49,964 $ (1,684) $ — $ — $ 49,964 $ (1,684) Securitization certificates 7,039 (1,482) — — 7,039 (1,482) Other loans and receivables — — — — — — Total $ 57,003 $ (3,166) $ — $ — $ 57,003 $ (3,166)
Schedule of Realized Gain (Loss)	The following table sets forth gross proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of securities, for the periods indicated (in thousands): Three Months Ended March 31, 2024 2023 Investments in loans and securities, available for sale: Proceeds from sales/maturities/prepayments $ 35,897 $ 25,985 Write-offs charged against the allowance $ 1,449 $ — Additions to allowance for credit losses not previously recorded $ (26,851) $ (68,347)
Debt Securities, Available-for-Sale, Allowance for Credit Loss	The following tables set forth the activity in the allowance for credit losses for investments in loans and securities, as of the dates indicated (in thousands): Three Months Ended March 31, 2024 Securitization notes Securitization certificates Other Loans and Receivables Total Balance, beginning of period $ — $ (98,679) $ (2,279) $ (100,958) Additions to allowance for credit losses not previously recorded — (2,965) — (2,965) Additions to allowance for credit losses arising from purchases — — (3,246) (3,246) Additions (reductions) on securities with previous allowance — (19,705) (935) (20,640) Write-offs charged against the allowance — — 1,449 1,449 Balance, end of period $ — $ (121,349) $ (5,011) $ (126,360) Three Months Ended March 31, 2023 Securitization notes Securitization certificates Other Loans and Receivables Total Balance, beginning of period $ — $ — $ — $ — Additions to allowance for credit losses not previously recorded — (65,572) (2,775) (68,347) Balance, end of period $ — $ (65,572) $ (2,775) $ (68,347)
Equity Method Investments	The following investments, including those accounted for under the equity method, are included within Equity method and other investments in the consolidated balance sheets as of March 31, 2024 and December 31, 2023 (in thousands): Carrying Value March 31, 2024 December 31, 2023 Investments in Pagaya SmartResi F1 Fund, LP (1) $ 17,884 $ 17,357 Other (2) 9,027 9,026 Total $ 26,911 $ 26,383 (1) The Company owns approximately 5.4% and is the general partner of Pagaya Smartresi F1 Fund LP.

CONSOLIDATION AND VARIABLE IN_2

CONSOLIDATION AND VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
CONSOLIDATION AND VARIABLE INTEREST ENTITIES (Tables)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	Below is a summary of assets and liabilities from the Company’s involvement with consolidated VIEs (i.e., Risk Retention Entities) (in thousands): Assets Liabilities Net Assets As of March 31, 2024 $ 122,929 $ — $ 122,929 As of December 31, 2023 $ 132,660 $ — $ 132,660 Below is a summary of the Company’s direct interest in (i.e., not held through Risk Retention Entities) variable interests in nonconsolidated VIEs (in thousands): Carrying Amount Maximum Exposure to Loss VIE Assets As of March 31, 2024 $ 777,480 $ 777,480 $ 9,463,355 As of December 31, 2023 $ 591,030 $ 591,030 $ 8,363,402

LEASES (Tables)

LEASES (Tables)	3 Months Ended
LEASES (Tables)	Mar. 31, 2024
Leases [Abstract]
Lease, Cost	Operating lease expense was as follows (in thousands): Three Months Ended March 31, 2024 2023 Rent expense $ 2,909 $ 3,440 Variable lease payments $ 94 $ 143 Sublease income $ 1,005 $ 1,054
Lessee, Operating Lease, Liability, Maturity	Maturities of the Company’s operating lease liabilities as of March 31, 2024 were as follows (in thousands): 2024 $ 7,206 2025 8,635 2026 8,635 2027 7,471 2028 6,590 Thereafter 21,167 Total 59,704 Less: imputed interest (11,203) Total operating lease liabilities $ 48,501

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	3 Months Ended
FAIR VALUE MEASUREMENT (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands): March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Investments in loans and securities (Notes) $ — $ 69,030 $ 104,782 $ 173,812 Investments in loans and securities (Certificates and Other loans and receivables) — — 720,339 720,339 Liabilities: Warrant liability $ 872 $ 470 $ — $ 1,342 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Investments in loans and securities (Notes) $ — $ 90,425 $ — $ 90,425 Investments in loans and securities (Certificates and Other loans and receivables) — — 626,368 626,368 Liabilities: Warrant liability $ 2,106 $ 1,136 $ — $ 3,242
Schedule Of Class Of Warrant Or Right Outstanding	The following tables summarize the Warrant liability activity for the three months ended March 31, 2024 and 2023 (in thousands): Balance as of December 31, 2022 $ 1,400 Change in fair value (190) Balance as of March 31, 2023 $ 1,210 Balance as of December 31, 2023 $ 3,242 Change in fair value (1,900) Balance as of March 31, 2024 $ 1,342
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables summarize the activity related to the fair value of the investments in loans and securities available for sale for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Balance, beginning of period $ 716,793 $ — Transfer from held-to-maturity to available for sale at fair value — 480,437 Additions 261,638 121,731 Cash received (35,897) (25,985) Change in fair value (21,531) (670) Credit-related impairment loss (26,851) (68,347) Balance, end of period $ 894,151 $ 507,166
Fair Value Measurement Inputs and Valuation Techniques	The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the loans and securities as of March 31, 2024 and December 31, 2023: March 31, 2024 Unobservable Input Minimum Maximum Weighted Average Discount rate 8.0 % 20.0% 16.7% Loss rate 6.2 % 31.0% 17.2% Prepayment rate 0.0 % 40.0% 9.1% December 31, 2023 Unobservable Input Minimum Maximum Weighted Average Discount rate 8.0 % 15.0% 15.0% Loss rate 4.9 % 31.0% 15.7% Prepayment rate 4.0 % 40.0% 9.9%
Fair Value Measurements, Nonrecurring	The below tables contain information about assets that are not measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Fair Value Carrying Level 1 Level 2 Level 3 Total Assets Cash, cash equivalents and restricted cash $ 310,049 $ 310,049 $ — $ — $ 310,049 Fees and other receivables 122,600 — 122,600 — 122,600 Total assets $ 432,649 $ 310,049 $ 122,600 $ — $ 432,649 December 31, 2023 Fair Value Carrying Level 1 Level 2 Level 3 Total Assets Cash, cash equivalents and restricted cash $ 222,541 $ 222,541 $ — $ — $ 222,541 Fees and other receivables 113,707 — 113,707 — 113,707 Total assets $ 336,248 $ 222,541 $ 113,707 $ — $ 336,248

ORDINARY SHARES AND ORDINARY _2

ORDINARY SHARES AND ORDINARY SHARE WARRANTS (Tables)	3 Months Ended
ORDINARY SHARES AND ORDINARY SHARE WARRANTS (Tables)	Mar. 31, 2024
Equity [Abstract]
Schedule Of Stock Reserved For Future Issuance	As of March 31, 2024 and December 31, 2023, the Company had reserved ordinary shares for future issuance as follows: March 31, 2024 December 31, 2023 Share options 4,110,374 4,250,988 Options to restricted shares 20,034,514 20,046,080 RSUs 2,353,589 3,034,203 Ordinary share warrants 2,076,014 2,076,014 Redeemable convertible preferred shares 5,000,000 5,000,000 Shares available for future grant of equity awards 5,251,353 5,231,186 Shares reserved for issuance under the ESPP 891,858 — Total shares of ordinary share reserved 39,717,702 39,638,471

SHARE BASED COMPENSATION (Table

SHARE BASED COMPENSATION (Tables)	3 Months Ended
SHARE BASED COMPENSATION (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Arrangement, Option, Activity	The following table summarized the Company’s share option activity during the three months ended March 31, 2024: Number of Options Weighted Average Exercise Price Weighted Average Aggregate Balance, December 31, 2023 4,250,988 $ 7.2 7.2 $ 43,940 Granted — — Exercised (97,339) 3.0 Forfeited (43,275) 21.4 Balance, March 31, 2024 4,110,374 $ 8.6 6.9 $ 5,992 Vested and exercisable, March 31, 2024 3,162,852 $ 7.1 6.8 $ 9,549 The following table summarized the Company’s options to restricted shares activity during the three months ended March 31, 2024: Number of Options Weighted Average Exercise Price Weighted Average Aggregate Balance, December 31, 2023 20,046,080 $ 19.4 7.2 $ — Granted — — Exercised (3,274) 12.2 Forfeited (8,292) 36.8 Balance, March 31, 2024 20,034,514 $ 19.4 7.0 $ — Vested and exercisable, March 31, 2024 16,554,083 $ 19.2 7.0 $ —
Schedule of Unvested Restricted Stock Units Roll Forward	The following table summarized the Company’s RSU activity during the three months ended March 31, 2024: Number of RSUs Weighted Average Grant Date Fair Value Per Share Unvested at December 31,2023 3,034,203 $ 15.6 Granted 24,081 13.9 Vested (660,447) 14.3 Forfeited (44,248) 18.6 Unvested at March 31, 2024 2,353,589 $ 15.8
Share-Based Payment Arrangement, Expensed and Capitalized, Amount	The following table presents the components and classification of share-based compensation for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Technology, data and product development $ 2,905 $ 2,458 Selling and marketing 2,852 2,754 General and administrative 9,718 11,155 Total $ 15,475 $ 16,367

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
INCOME TAXES (Tables)	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The Company’s effective tax rates for the three months ended March 31, 2024 and 2023 are as follows (in thousands): Three Months Ended March 31, 2024 2023 Loss before income taxes $ (26,659) $ (91,956) Income tax expense (benefit) 5,003 6,667 Effective tax rate (18.8) % (7.3) %

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
NET LOSS PER SHARE (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following tables set forth the calculation of basic and diluted net loss per share attributable to ordinary shareholders for the three months ended March 31, 2024 and 2023 (in thousands, except share and per share data): Three Months Ended March 31, 2024 Class A Class B Numerator: Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted $ (17,060) $ (4,163) Denominator: Weighted average shares used for net loss per ordinary share, basic and diluted 51,852,148 12,652,310 Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.33) $ (0.33) Three Months Ended March 31, 2023 Class A Class B Numerator: Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted $ (45,971) $ (15,000) Denominator: Weighted average shares used for net loss per ordinary share, basic and diluted 44,677,998 14,577,866 Net loss per share attributable to ordinary shareholders, basic and diluted $ (1.03) $ (1.03)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potentially dilutive outstanding securities as of March 31, 2024 and 2023 were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods: March 31, 2024 2023 Share options 3,766,593 5,699,683 Options to restricted shares 20,034,514 20,168,906 RSUs 2,353,589 3,711,114 Ordinary share warrants 2,016,326 2,159,421 Redeemable convertible preferred shares 5,000,000 — Net potential dilutive outstanding securities 33,171,022 31,739,124

BUSINESS DESCRIPTION (Details)

BUSINESS DESCRIPTION (Details)	Mar. 08, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reverse share split	0.0833

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) $ in Thousands	3 Months Ended
REVENUE - Narrative (Details) $ in Thousands	Mar. 31, 2024 USD ($) revenueStream	Mar. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Number of revenue streams \| revenueStream	2
Total revenue from fees, net	$ 237,004	$ 175,254
Performance obligations satisfied in the previous year	3,300	1,700
Network AI Fees
Disaggregation of Revenue [Line Items]
Total revenue from fees, net	215,300	150,200
Financial Service
Disaggregation of Revenue [Line Items]
Total revenue from fees, net	$ 21,700	$ 25,100

REVENUE - Schedule of Disaggreg

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue from fees, net	$ 237,004	$ 175,254
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue from fees, net	227,575	162,415
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue from fees, net	$ 9,429	$ 12,839

REVENUE - Concentrations of Cre

REVENUE - Concentrations of Credit Risk and Significant Customers (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk - Related Party	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Four Largest Customers
Concentration Risk [Line Items]
Concentration risk, percentage	57%
Three Largest Customers
Concentration Risk [Line Items]
Concentration risk, percentage		50%

BORROWINGS - Narrative (Details

BORROWINGS - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended
BORROWINGS - Narrative (Details) - USD ($)	Feb. 02, 2024	Oct. 31, 2022	May 09, 2024	Mar. 31, 2024	Mar. 31, 2023	Feb. 01, 2024	Dec. 31, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Total long-term debt, net of debt issuance costs				$ 235,048,000
Proceeds from revolving credit facility				44,000,000	$ 100,000,000
Master Agreements
Debt Instrument [Line Items]
Total long-term debt, net of debt issuance costs				$ 310,100,000			$ 251,400,000
Weighted average interest rate on long-term debt outstanding				14%			13%
Loan and Security Agreement
Debt Instrument [Line Items]
Total long-term debt, net of debt issuance costs				$ 21,000,000			$ 20,300,000
Debt instrument, term		3 years
Line of credit facility, maximum borrowing capacity		$ 22,000,000						$ 32,000,000
Increase in maximum principal amount								$ 10,000,000
Debt instrument, Secured Overnight Financing Rate floor		0%
Loan and Security Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.20%
Secured Debt
Debt Instrument [Line Items]
Total long-term debt, net of debt issuance costs				331,200,000			271,700,000
Line of Credit \| Secured Debt \| The Credit Agreement
Debt Instrument [Line Items]
Total long-term debt, net of debt issuance costs				235,000,000			0
Debt instrument, term	5 years
Line of credit facility, maximum borrowing capacity	$ 255,000,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Total long-term debt, net of debt issuance costs				0			$ 90,000,000
Line of credit facility, remaining borrowing capacity				25,000,000
Line of Credit \| Revolving Credit Facility \| The Credit Agreement
Debt Instrument [Line Items]
Debt instrument, term	5 years
Line of credit facility, maximum borrowing capacity	$ 35,000,000					$ 25,000,000
Debt instrument, Secured Overnight Financing Rate floor	1%
Debt instrument, base rate floor	2%
Interest Payable, Current				2,300,000
Line of Credit \| Revolving Credit Facility \| The Credit Agreement \| Subsequent Event
Debt Instrument [Line Items]
Proceeds from revolving credit facility			$ 0
Line of Credit \| Revolving Credit Facility \| The Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	7.50%
Line of credit facility, commitment fee percentage	0.25%
Line of Credit \| Revolving Credit Facility \| The Credit Agreement \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	6.50%
Line of Credit \| Term Loan Facility \| The Credit Agreement
Debt Instrument [Line Items]
Amortization payments, percentage of original principal amount, per quarter	1.25%
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Total long-term debt, net of debt issuance costs				$ 10,000,000

BORROWINGS - Schedule of Long-T

BORROWINGS - Schedule of Long-Term Debt (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 9,563
2025	12,750
2026	12,750
2027	12,750
2028	12,750
Thereafter	191,250
Total	251,813
Debt issuance costs	(16,765)
Total long-term debt, net of debt issuance costs	$ 235,048

INVESTMENTS IN LOANS AND SECU_3

INVESTMENTS IN LOANS AND SECURITIES - Schedule of Investments in Loans and Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 1,036,164	$ 811,874
Gross Unrealized Gains	15,669	19,313
Gross Unrealized Losses	(31,322)	(13,436)
Allowance for Credit Losses	(126,360)	(100,958)	$ (68,347)	$ 0
Fair Value	894,151	716,793
Accrued interest receivable	$ 14,500	$ 12,500
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Fees and other receivables (including related party receivables of $53,916 and $51,036 as of March 31, 2024 and December 31, 2023, respectively)	Fees and other receivables (including related party receivables of $53,916 and $51,036 as of March 31, 2024 and December 31, 2023, respectively)
Securitization notes
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 174,845	$ 91,654
Gross Unrealized Gains	651	629
Gross Unrealized Losses	(1,684)	(1,858)
Allowance for Credit Losses	0	0	0	0
Fair Value	173,812	90,425
Securitization certificates
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	852,179	715,646
Gross Unrealized Gains	15,018	18,684
Gross Unrealized Losses	(29,638)	(11,578)
Allowance for Credit Losses	(121,349)	(98,679)	(65,572)	0
Fair Value	716,210	624,073
Other loans and receivables
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	9,140	4,574
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Allowance for Credit Losses	(5,011)	(2,279)	$ (2,775)	$ 0
Fair Value	$ 4,129	$ 2,295

INVESTMENTS IN LOANS AND SECU_4

INVESTMENTS IN LOANS AND SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value
Less than or equal to 1 year	$ 57,003	$ 75,724
Greater than 1 year	0	0
Total	57,003	75,724
Unrealized Losses
Less than or equal to 1 year	(3,166)	(3,846)
Greater than 1 year	0	0
Total	(3,166)	(3,846)
Securitization notes
Fair Value
Less than or equal to 1 year	49,964	59,925
Greater than 1 year	0	0
Total	49,964	59,925
Unrealized Losses
Less than or equal to 1 year	(1,684)	(1,858)
Greater than 1 year	0	0
Total	(1,684)	(1,858)
Securitization certificates
Fair Value
Less than or equal to 1 year	7,039	15,799
Greater than 1 year	0	0
Total	7,039	15,799
Unrealized Losses
Less than or equal to 1 year	(1,482)	(1,988)
Greater than 1 year	0	0
Total	(1,482)	(1,988)
Other loans and receivables
Fair Value
Less than or equal to 1 year	0	0
Greater than 1 year	0	0
Total	0	0
Unrealized Losses
Less than or equal to 1 year	0	0
Greater than 1 year	0	0
Total	$ 0	$ 0

INVESTMENTS IN LOANS AND SECU_5

INVESTMENTS IN LOANS AND SECURITIES - Investments by Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
Within 1 year	$ 1,309	$ 2,508
Greater than 1 year, less than or equal to 5 years	1,034,855	809,366
Total	1,036,164	811,874
Fair Value
Within 1 year	1,298	2,490
Greater than 1 year, less than or equal to 5 years	892,853	714,303
Total	894,151	716,793
Securitization notes
Amortized Cost
Within 1 year	1,256	2,405
Greater than 1 year, less than or equal to 5 years	173,589	89,249
Total	174,845	91,654
Fair Value
Within 1 year	1,245	2,387
Greater than 1 year, less than or equal to 5 years	172,567	88,038
Total	173,812	90,425
Securitization certificates
Amortized Cost
Within 1 year	53	103
Greater than 1 year, less than or equal to 5 years	852,126	715,543
Total	852,179	715,646
Fair Value
Within 1 year	53	103
Greater than 1 year, less than or equal to 5 years	716,157	623,970
Total	716,210	624,073
Other loans and receivables
Amortized Cost
Within 1 year	0	0
Greater than 1 year, less than or equal to 5 years	9,140	4,574
Total	9,140	4,574
Fair Value
Within 1 year	0	0
Greater than 1 year, less than or equal to 5 years	4,129	2,295
Total	$ 4,129	$ 2,295

INVESTMENTS IN LOANS AND SECU_6

INVESTMENTS IN LOANS AND SECURITIES - Gross Proceeds and Related Investment Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments in loans and securities, available for sale:
Proceeds from sales/maturities/prepayments	$ 35,897	$ 25,985
Write-offs charged against the allowance	1,449	0
Additions to allowance for credit losses not previously recorded	$ (26,851)	$ (68,347)

INVESTMENTS IN LOANS AND SECU_7

INVESTMENTS IN LOANS AND SECURITIES - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ (100,958)	$ 0
Additions to allowance for credit losses not previously recorded	(2,965)	(68,347)
Additions to allowance for credit losses arising from purchases	(3,246)
Additions (reductions) on securities with previous allowance	(20,640)
Write-offs charged against the allowance	1,449	0
Balance at end of period	(126,360)	(68,347)
Securitization notes
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0	0
Additions to allowance for credit losses not previously recorded	0	0
Additions to allowance for credit losses arising from purchases	0
Additions (reductions) on securities with previous allowance	0
Write-offs charged against the allowance	0
Balance at end of period	0	0
Securitization certificates
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	(98,679)	0
Additions to allowance for credit losses not previously recorded	(2,965)	(65,572)
Additions to allowance for credit losses arising from purchases	0
Additions (reductions) on securities with previous allowance	(19,705)
Write-offs charged against the allowance	0
Balance at end of period	(121,349)	(65,572)
Other loans and receivables
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	(2,279)	0
Additions to allowance for credit losses not previously recorded	0	(2,775)
Additions to allowance for credit losses arising from purchases	(3,246)
Additions (reductions) on securities with previous allowance	(935)
Write-offs charged against the allowance	1,449
Balance at end of period	$ (5,011)	$ (2,775)

INVESTMENTS IN LOANS AND SECU_8

INVESTMENTS IN LOANS AND SECURITIES - Equity Method Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method and other investments	$ 26,911	$ 26,383
Investments in Pagaya SmartResi F1 Fund, LP
Schedule of Equity Method Investments [Line Items]
Equity method and other investments	$ 17,884	$ 17,357
Equity method investment, ownership percentage	5.40%	5.40%
Other
Schedule of Equity Method Investments [Line Items]
Equity method and other investments	$ 9,027	$ 9,026

CONSOLIDATION AND VARIABLE IN_3

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Consolidated VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets	$ 1,483,187	$ 1,208,376
Liabilities	683,026	468,377
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	122,929	132,660
Liabilities	$ 0	$ 0

CONSOLIDATION AND VARIABLE IN_4

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 777,480	$ 591,030
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Amount	777,480	591,030
VIE Assets	$ 9,463,355	$ 8,363,402

CONSOLIDATION AND VARIABLE IN_5

CONSOLIDATION AND VARIABLE INTEREST ENTITIES - Narrative (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Variable Interest Entity [Line Items]
Loan principal purchased	$ 5,000,000	$ 0
Loss on loans purchased	$ (5,000,000)

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Security deposit	$ 4.6	$ 4.8

LEASES - Schedule of Operating

LEASES - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Rent expense	$ 2,909	$ 3,440
Variable lease payments	94	143
Sublease income	$ 1,005	$ 1,054

LEASES - Operating Lease Liabil

LEASES - Operating Lease Liability To Be Paid (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Operating Lease, After Adoption of 842
2024	$ 7,206
2025	8,635
2026	8,635
2027	7,471
2028	6,590
Thereafter	21,167
Total	59,704
Less: imputed interest	(11,203)
Total operating lease liabilities	$ 48,501

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Annual purchase commitment		$ 4.6
Remaining contractual obligations	$ 7.3
Remaining contractual obligations remaining for the next 12 months	4.9
Maximum potential amount of undiscounted future payments	$ 29

TRANSACTIONS WITH RELATED PAR_2

TRANSACTIONS WITH RELATED PARTIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Related party receivables	$ 35,230		$ 34,181
Total revenue from fees, net	237,004	$ 175,254
Related Party
Related Party Transaction [Line Items]
Related party receivables	34,792		33,739
Total revenue from fees, net	178,511	153,793
Related Party \| Securitization Vehicles
Related Party Transaction [Line Items]
Related party receivables	81,900		78,400
Total revenue from fees, net	162,600	131,600
Related Party \| Other Financing Vehicles
Related Party Transaction [Line Items]
Related party receivables	6,800		6,300
Total revenue from fees, net	15,900	$ 22,200
Related Party \| Assets
Related Party Transaction [Line Items]
Related party receivables	88,700		84,800
Related Party \| Prepaid Expense And Other Assets, Noncurrent
Related Party Transaction [Line Items]
Related party receivables	$ 7,100		$ 7,900

FAIR VALUE MEASUREMENT - Schedu

FAIR VALUE MEASUREMENT - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets:
Investments in loans and securities	$ 894,151	$ 716,793
Liabilities:
Warrant liability	1,342	3,242	$ 1,210	$ 1,400
Notes
Assets:
Investments in loans and securities	173,812	90,425
Certificates and Other loans and receivables
Assets:
Investments in loans and securities	720,339	626,368
Level 1
Liabilities:
Warrant liability	872	2,106
Level 1 \| Notes
Assets:
Investments in loans and securities	0	0
Level 1 \| Certificates and Other loans and receivables
Assets:
Investments in loans and securities	0	0
Level 2
Liabilities:
Warrant liability	470	1,136
Level 2 \| Notes
Assets:
Investments in loans and securities	69,030	90,425
Level 2 \| Certificates and Other loans and receivables
Assets:
Investments in loans and securities	0	0
Level 3
Liabilities:
Warrant liability	0	0
Level 3 \| Notes
Assets:
Investments in loans and securities	104,782	0
Level 3 \| Certificates and Other loans and receivables
Assets:
Investments in loans and securities	$ 720,339	$ 626,368

FAIR VALUE MEASUREMENT - Warran

FAIR VALUE MEASUREMENT - Warrant Liability Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Warrants And Rights Outstanding [Roll Forward]
Beginning balance	$ 3,242	$ 1,400
Change in fair value	(1,900)	(190)
Ending balance	$ 1,342	$ 1,210

FAIR VALUE MEASUREMENT - Level

FAIR VALUE MEASUREMENT - Level 3 Roll Forward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 716,793	$ 0
Transfer from held-to-maturity to available for sale at fair value	0	480,437
Additions	261,638	121,731
Cash received	(35,897)	(25,985)
Change in fair value	(21,531)	(670)
Credit-related impairment loss	(26,851)	(68,347)
Ending balance	$ 894,151	$ 507,166
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax

FAIR VALUE MEASUREMENT - Signif

FAIR VALUE MEASUREMENT - Significant Unobservable Inputs (Details) - Level 3	Mar. 31, 2024	Dec. 31, 2023
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.080	0.080
Minimum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.062	0.049
Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0	0.040
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.200	0.150
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.310	0.310
Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.400	0.400
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.167	0.150
Weighted Average \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.172	0.157
Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.091	0.099

FAIR VALUE MEASUREMENT - Sche_2

FAIR VALUE MEASUREMENT - Schedule of Assets Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash, cash equivalents and restricted cash	$ 310,049	$ 222,541
Fees and other receivables	122,600	113,707
Total assets	432,649	336,248
Carrying Value
Assets
Cash, cash equivalents and restricted cash	310,049	222,541
Fees and other receivables	122,600	113,707
Total assets	432,649	336,248
Fair Value \| Level 1
Assets
Cash, cash equivalents and restricted cash	310,049	222,541
Fees and other receivables	0	0
Total assets	310,049	222,541
Fair Value \| Level 2
Assets
Cash, cash equivalents and restricted cash	0	0
Fees and other receivables	122,600	113,707
Total assets	122,600	113,707
Fair Value \| Level 3
Assets
Cash, cash equivalents and restricted cash	0	0
Fees and other receivables	0	0
Total assets	$ 0	$ 0

ORDINARY SHARES AND ORDINARY _3

ORDINARY SHARES AND ORDINARY SHARE WARRANTS - Narrative (Details) $ / shares in Units, $ in Millions				3 Months Ended
	Mar. 13, 2024 USD ($) shares	Mar. 08, 2024	Apr. 14, 2023 shares	Mar. 31, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 shares
Class of Stock [Line Items]
Ordinary shares, authorized (in shares)				839,999,998
Shares authorized (in shares)				6,666,666
Shares outstanding (in shares)				5,000,000
Reverse share split		0.0833
Private Placement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)	7,500,000
Net proceeds \| $	$ 90
Oak HC/FT Partners V, L.P., Oak HC/FT Partners V-A, L.P. And Oak HC/FT Partners V-B, L.P
Class of Stock [Line Items]
Temporary equity, new issues (in shares)			5,000,000
Ordinary share warrants \| Warrants Expiring March 2031
Class of Stock [Line Items]
Warrants outstanding (in shares)				433,946
Warrant purchase price (in dollars per share) \| $ / shares				$ 0.00006
Ordinary share warrants \| Warrants Expiring June 2030
Class of Stock [Line Items]
Warrants outstanding (in shares)				192,901
Warrant purchase price (in dollars per share) \| $ / shares				$ 0.0006
Ordinary share warrants \| Warrants Expiring March 2032
Class of Stock [Line Items]
Warrants outstanding (in shares)				220,000
Warrant purchase price (in dollars per share) \| $ / shares				$ 0.12
Ordinary share warrants \| Warrants Expiring June 2027
Class of Stock [Line Items]
Warrants outstanding (in shares)				1,229,166
Warrant purchase price (in dollars per share) \| $ / shares				$ 138
Common Class A
Class of Stock [Line Items]
Ordinary shares, authorized (in shares)				666,666,666	666,666,666
Ordinary shares, outstanding (in shares)				57,950,053	49,390,936
Ordinary shares, voting rights, votes per share \| vote				1
Common Class A \| B. Riley Principal Capital II, LLC \| Private Placement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)				298,057
Net proceeds \| $				$ 5.2
Net proceeds, related fee expenses \| $				$ 0.2
Common Class B
Class of Stock [Line Items]
Ordinary shares, authorized (in shares)				166,666,666	166,666,666
Ordinary shares, outstanding (in shares)				12,652,310	12,652,310
Ordinary shares, voting rights, votes per share \| vote				10

ORDINARY SHARES AND ORDINARY _4

ORDINARY SHARES AND ORDINARY SHARE WARRANTS - Schedule of Shares Reserved For Future Issuance (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Total shares of ordinary share reserved	39,717,702	39,638,471
Redeemable convertible preferred shares
Class of Stock [Line Items]
Total shares of ordinary share reserved	5,000,000	5,000,000
Ordinary share warrants
Class of Stock [Line Items]
Total shares of ordinary share reserved	2,076,014	2,076,014
Share options
Class of Stock [Line Items]
Total shares of ordinary share reserved	4,110,374	4,250,988
Options to restricted shares
Class of Stock [Line Items]
Total shares of ordinary share reserved	20,034,514	20,046,080
RSUs
Class of Stock [Line Items]
Total shares of ordinary share reserved	2,353,589	3,034,203
Shares available for future grant of equity awards
Class of Stock [Line Items]
Total shares of ordinary share reserved	5,251,353	5,231,186
Shares reserved for issuance under the ESPP
Class of Stock [Line Items]
Total shares of ordinary share reserved	891,858	0

SHARE BASED COMPENSATION - Stoc

SHARE BASED COMPENSATION - Stock Option Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	0
Aggregate intrinsic value of options exercised	$ 0.7	$ 1.6
Fair value of vested options	62.8	$ 41.6
Unrecognized compensation expense related to unvested share options	$ 46.7
Share options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period	10 years
Vesting period	4 years
Unrecognized compensation expense, period of recognition	1 year
Share options \| Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	12 months
Vesting percentage	25%
Share options \| Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years

SHARE BASED COMPENSATION - St_2

SHARE BASED COMPENSATION - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Options
Outstanding at beginning of period (in shares)	4,250,988
Granted (in shares)	0
Exercised (in shares)	(97,339)
Forfeited (in shares)	(43,275)
Outstanding at end of period (in shares)	4,110,374	4,250,988
Options vested and exercisable (in shares)	3,162,852
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 7.2
Granted (in dollars per share)	0
Exercised (in dollars per share)	3
Forfeited (in dollars per share)	21.4
Outstanding, ending balance (in dollars per share)	8.6	$ 7.2
Options vested and exercisable (dollars per share)	$ 7.1
Weighted Average Remaining Contractual Term (Years)
Options outstanding	6 years 10 months 24 days	7 years 2 months 12 days
Options vested and exercisable	6 years 9 months 18 days
Aggregate Intrinsic Value (000’s)
Beginning balance	$ 43,940
Ending balance	5,992	$ 43,940
Options vested and exercisable	$ 9,549
Options to restricted shares
Number of Options
Outstanding at beginning of period (in shares)	20,046,080
Granted (in shares)	0
Exercised (in shares)	(3,274)
Forfeited (in shares)	(8,292)
Outstanding at end of period (in shares)	20,034,514	20,046,080
Options vested and exercisable (in shares)	16,554,083
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 19.4
Granted (in dollars per share)	0
Exercised (in dollars per share)	12.2
Forfeited (in dollars per share)	36.8
Outstanding, ending balance (in dollars per share)	19.4	$ 19.4
Options vested and exercisable (dollars per share)	$ 19.2
Weighted Average Remaining Contractual Term (Years)
Options outstanding	7 years	7 years 2 months 12 days
Options vested and exercisable	7 years
Aggregate Intrinsic Value (000’s)
Beginning balance	$ 0
Ending balance	0	$ 0
Options vested and exercisable	$ 0

SHARE BASED COMPENSATION - Rest

SHARE BASED COMPENSATION - Restricted Stock Units (RSUs) Narrative (Details) - RSUs $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	2 years
Unrecognized compensation expense	$ 31.2
Unrecognized compensation expense, period of recognition	10 months 24 days
Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	12 months
Vesting percentage	50%
Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	12 months

SHARE BASED COMPENSATION - Re_2

SHARE BASED COMPENSATION - Restricted Stock Unit (RSUs) Activity (Details) - RSUs	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of RSUs
Beginning balance (in shares) \| shares	3,034,203
Granted (in shares) \| shares	24,081
Vested (in shares) \| shares	(660,447)
Forfeited (in shares) \| shares	(44,248)
Ending balance (in shares) \| shares	2,353,589
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 15.6
Granted (in dollars per share) \| $ / shares	13.9
Vested (in dollars per share) \| $ / shares	14.3
Forfeited (in dollars per share) \| $ / shares	18.6
Ending balance (in dollars per share) \| $ / shares	$ 15.8

SHARE BASED COMPENSATION - Opti

SHARE BASED COMPENSATION - Options to Restricted Shares Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested share options	$ 46.7
Options to restricted shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested share options	$ 18
Unrecognized compensation expense, period of recognition	1 year 6 months

SHARE BASED COMPENSATION - Empl

SHARE BASED COMPENSATION - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved for issuance	39,717,702		39,638,471
Share-based compensation expense	$ 15,475	$ 16,367
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved for issuance	891,858		0
Share-based compensation expense	$ 100

SHARE BASED COMPENSATION - Shar

SHARE BASED COMPENSATION - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 15,475	$ 16,367
Technology, data and product development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	2,905	2,458
Selling and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	2,852	2,754
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 9,718	$ 11,155

INCOME TAXES - Schedule of Effe

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (26,659)	$ (91,956)
Income tax expense (benefit)	$ 5,003	$ 6,667
Effective tax rate	(18.80%)	(7.30%)

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Denominator:
Weighted average shares used for net loss per ordinary share, basic (in shares)	[1]	64,504,458	59,255,864
Weighted average shares used for net loss per ordinary share, diluted (in shares)	[1]	64,504,458	59,255,864
Net loss per share attributable to ordinary shareholders, basic (in dollars per share)	[1]	$ (0.33)	$ (1.03)
Net loss per share attributable to ordinary shareholders, diluted (in dollars per share)	[1]	$ (0.33)	$ (1.03)
Common Class A
Numerator:
Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic		$ (17,060)	$ (45,971)
Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted		$ (17,060)	$ (45,971)
Denominator:
Weighted average shares used for net loss per ordinary share, basic (in shares)		51,852,148	44,677,998
Weighted average shares used for net loss per ordinary share, diluted (in shares)		51,852,148	44,677,998
Net loss per share attributable to ordinary shareholders, basic (in dollars per share)		$ (0.33)	$ (1.03)
Net loss per share attributable to ordinary shareholders, diluted (in dollars per share)		$ (0.33)	$ (1.03)
Common Class B
Numerator:
Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic		$ (4,163)	$ (15,000)
Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, diluted		$ (4,163)	$ (15,000)
Denominator:
Weighted average shares used for net loss per ordinary share, basic (in shares)		12,652,310	14,577,866
Weighted average shares used for net loss per ordinary share, diluted (in shares)		12,652,310	14,577,866
Net loss per share attributable to ordinary shareholders, basic (in dollars per share)		$ (0.33)	$ (1.03)
Net loss per share attributable to ordinary shareholders, diluted (in dollars per share)		$ (0.33)	$ (1.03)

[1]Share amounts have been retroactively adjusted to reflect the 1-for-12 reverse share split effected on March 8, 2024.

NET LOSS PER SHARE - Schedule o

NET LOSS PER SHARE - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	33,171,022	31,739,124
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	3,766,593	5,699,683
Options to restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	20,034,514	20,168,906
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	2,353,589	3,711,114
Ordinary share warrants \| Ordinary share warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	2,016,326	2,159,421
Redeemable convertible preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net potential dilutive outstanding securities (in shares)	5,000,000	0